Published on 2/1/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallable notes tied to three stocks
Chicago, Feb. 1 – Barclays Bank plc priced $1 million of phoenix autocallable notes due Jan. 14, 2025 linked to the least performing of the stocks of Meta Platforms, Inc., Netflix, Inc. and Tesla, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 30% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date starting after three months.
If the notes are not called and each stock finishes at or above its 60% final barrier, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in cash or shares of that stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Meta Platforms, Inc., Netflix, Inc. and Tesla, Inc.
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Amount: | $1 million
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Maturity: | Jan. 14, 2025
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Coupon: | 30% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above final barrier, par plus any final coupon; otherwise, full exposure to decline of the worst performer from initial level, payable in cash or shares of that stock
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly observation date starting after three months
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Initial levels: | $357.43 for Meta, $482.09 for Netflix, $234.96 for Tesla
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Coupon barriers: | $250.20 for Meta, $337.46 for Netflix, $164.47 for Tesla; 70% of initial levels
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Final barriers: | $214.46 for Meta, $289.25 for Netflix, $140.98 for Tesla; 60% of initial levels
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Pricing date: | Jan. 9
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Settlement date: | Jan. 12
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06745PHA2
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